Cinemark Holdings, Inc (NASDAQ:CNK) posted lower net income in the first quarter compared with a year-earlier period. A holding Company, together with its subsidiaries is engaged in the motion picture exhibition industry with theatres in the U.S., Canada, Mexico, Argentina, Brazil, Chile, Ecuador, Peru, Honduras, El Salvador, Nicaragua, Costa Rica, Panama & Colombia.
Cinemark Holdings, Inc Earnings Cheat Sheet for the First Quarter
Results: Net income for Cinemark Holdings, Inc fell to $25 million (31 cents/share) vs. $35.1 million (31 cents/share) a year earlier. A decline of 28.8% from the year earlier quarter.
Revenue: Fell 6.5% to $483.1 million YoY.
Actual vs. Wall St. Expectations: CNK beat the mean analyst estimate of 12 cents/share.
Quoting Management: “Despite the lackluster film slate for the first quarter of 2011, Cinemark’s geographic diversity and operating discipline helped us post our tenth consecutive quarter of domestic industry out-performance and maintain solid margins,” stated Alan Stock, Cinemark’s Chief Executive Officer. “Our international segment continues to benefit from the overall healthy economic climate throughout Latin America, posting a 19.4% increase in total revenues over the prior year.”
Key Stats: The company has now seen net income fall in each of the last two quarters. In the fourth quarter of the last fiscal year, net income fell 4.6% from the year earlier quarter.
Companies to Watch: Regal Entertainment Group (NYSE:RGC), Carmike Cinemas, Inc. (NASDAQ:CKEC), The Marcus Corporation (NYSE:MCS), IMAX (NASDAQ:IMAX), Netflix (NASDAQ:NFLX), Dreamworks (NASDAQ:DWA), Lions Gate (NYSE:LGF) and Reading Intl., Inc. (NASDAQ:RDI).
Stock Performance: Shares of CNK are unchanged from the previous close of $21.31.